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Key share indices ended marginally higher on Wednesday ahead of the RBI credit policy led by banks and capital goods shares on hopes that the central bank may announce reduction in interest rates.The Sensex ended up 105.68 points at 17,919.30 and the Nifty ended up 34.40 points at 5,463.90.
Nifty is now at 5464. Technically the market has demonstrated strength and should continue up to around 5460-5500. Strong support 5400’ the market unfolded as expected and swathe high of the day like a dot on 5500 but has closed positive for the day. Technically the trend is still intact up and can go up to around 5540-5560 but it would not be a surprise if the up move weakens here.
The crucial support for the Nifty is at 5440 and the target beyond 5540-5560
Nifty Futures shut stop at 5510.50 up by 42.10 points or 0.77 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 5480 else below support level of 5310 it would be in a downward trend.
RESISTANCE: It has first resistance close to the level of 5570 & above this level the next resistance is seen near the 5670 mark.
SUPPORT: It has first support close to the level of 5470 & below this level the next support is seen near 5310 mark.